e-CNY Transaction Volume Reaches RMB 62 Billion

Despite the total ban on digital currencies in China, testing of the national token is in full swing. The People's Bank of China said that the volume of processed CBDC transactions reached 62 billion yuan. Such data were released by its representatives during the Hong Kong Fintech Week conference.

PRC has not slowed down in its intention to fully replace traditional payments with e-CNY and has continued widespread testing from April last year, tracking and collecting statistics on e-CNY users in the official app.

Mu Changchun, head of the Digital Currency Institute of the People's Bank of China, stressed that e-CNY is becoming more and more popular not only among citizens but also in the corporate sector. So, according to him, citizens have created more than 140 million accounts and corporations over 10 million. At the same time, the quantity of companies accepting the public token has grown to 1.55 million.

While China continues to roll out test versions of the e-CNY in more than ten biggest regions in the country, the official launch date for e-CNY remains unknown. As of October 2021, the amount of digital yuan accepted by representatives of utilities, public transport, food, and retail companies exceeded 62 billion yuan (over $9.7B). All funds were transferred using the official e-CNY wallet.

The People's Bank of China noted that to create a basic digital yuan wallet with a transaction limit of RMB 50,000 per year (about $7,800), only a mobile phone number is needed to activate a personal account. If the user wants to expand the volume of transactions with the e-CNY to unlimited, he needs to go through identification in one of the bank branches.

At this very conference 12 months ago, Governor of the People's Bank of China Yi Gang stated that during the e-CNY pilot project, people spent about 2 billion yuan ($299M), making 4 million transactions in the four largest cities in the country.

Thus, the volume of e-CNY spending increased by 3000% in just a year, and in the future, the government intends only to increase this number.

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